Recently CAPL proposed four exemptions to the Federal Government which would apply to the new lowered criminal rate of interest. Housing interest prohibitions in the Criminal Code appears to be a result of convenience.  On this topic, Senator Pierrette Ringuette has explained  that “the Criminal Code is where the law created a limit on interest and is therefore the most productive place to lower interest rates.”

Accordingly, we have urged the government to create exemptions which exclude provincially licensed lenders which are already regulated under comprehensive rules and prohibitions, in addition to to other exemptions.

Read CAPL’s letter here:  Crim int exemptions – May 31 2023